President Donald Trump unveiled a reciprocal tariff plan on April 2, a day he dubbed “Liberation Day.” These new tariffs include a 10% tax on all U.S. trading partners and even higher rates on 60 countries that either impose their own taxes on U.S. goods or use “non-monetary barriers and other forms of cheating.” These tariffs approach 50% for countries like Vietnam and Cambodia.
Key trading partners like China and the European Union are also squarely in Trump’s crosshairs. The U.S. will levy a new 34% reciprocal tariff on China and 20% on the EU. All tariffs are expected to take effect no later than April 9, and come on the heels of a newly levied 25% tariff on all imported cars and car parts.
